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Shares in Fiat bucked the overall weakness in European stock markets on news the Italian carmaker won a contract worth $3.22 billion to supply DaimlerChrysler with truck engines for the next eight years.

Italian car maker Fiat posted an almost four-fold rise in first-quarter trading profit at its auto unit, beating forecasts, as it squeezed more money from a rise in sales of its smaller city cars, like the Panda.